Working during Grad Entry Program??

Hello everyone, I was hoping someone could give me some advice.

After a year of working as a research assistant in a biology lab at a university, I applied and was accepted to the Grad Entry program at the same university. When I told my boss about the acceptance, he told me he would give me a raise and asked if I would consider staying on part time (which would be with really flexible hours). I was really looking forward to leaving my job, but I thought that maybe I could negotiate staying on as a graduate research assistant and get my tuition waived and receive a stipend. I don't know if this is possible- I haven't talked with my boss about it.

Here's the dilemma: Should I continue to work during grad school or just take out the loans? I have heard that the Grad Entry programs are pretty intense. I talked to my advisor and she suggested that if I don't have to, I should probably not work. Part of me agrees, and thinks that I should just focus on school and not worry about the loans. I am torn and I don't know what to do.

I don't know if I can deal with another year at the lab job & take a full load of classes, but how could I turn down a chance to make money or get my tuition waived? What do you think? Has anyone else been in a similar position? I'd love to hear your views. Thanks!

boomer28